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10-02-2017

KwaZulu-Natal to get another retail, logistics park

A multimillion-rand logistics and retail park being
developed by M&F Giuricich Developments and Fortress Property Fund, in
KwaZulu-Natal, will be built this year.

The logistics park, located between the King Shaka
International Airport and Durban, will form part of the N2 Business Estate,
located on the northern edge of the Cornubia development.

Once completed, the total estate could create 2 400
permanent jobs and generate R45-million a year in rates income for the city.

“A logistics park of this size and nature is a perfect
fit for the vision that we had of establishing the Cornubia N2 Business Estate
as a prime commercial location,” said Tongaat Hulett Developments director
Karen Petersen, noting that it met the criteria needed to attract tenants with
specific needs, adding considerably to establishing the business estate as a
prime commercial site.

M&F Giuricich Developments cofounder Florian
Giuricich noted that, of the 200 000 m2 of space available, half would be allocated
for logistics warehousing facilities and the remainder for retail.

“We believe the opportunity exists for this facility
to meet the needs of logistics companies or major brands with significant
warehousing needs. There is very little infrastructure of this nature in
existence along the N2 that exploits proximity to the airport and Dube
TradePort, as well as access to Durban, so we are expecting ready interest in
these facilities,” he said.

Further, Giuricich pointed out that the retail
component of the development would be equally attractive given the visibility
from the highway, noting that there was considerable interest from large retail
destination-based tenants who enjoy the prominent exposure and easy access to
site from the N2 motorway.

This included some international retail tenants that
are entering the South African market. Access provided by the flyover bridge
network that links to the Umhlanga town centre and the amenities being
developed within Cornubia itself add to the site’s retail suitability.

Giuricich noted the logistics park would be suitable
for companies with larger logistics and distribution needs as the warehousing
facilities will start at 10 000 m2 each. The developer would consider
accommodating one major tenant with the requirement for premises larger than
this minimum size. The platform design caters for this flexibility